Suppose Searstown Cycles, Inc., reported a number of special items on its income statement.

The following data, listed in no particular order, came from Searstown’s financial statements (amounts in thousands):

Requirement
1. Show how the Searstown Cycles, Inc., income statement for the year ended September 30, 2010, should appear. Omit earnings pershare.

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Income tax expense (saving): Net sales.. $13,300 Continuing operations$300 Foreign-currency translation Discontinued operations (62) adjustment Extraordinary loss 330 14 310 610 12,400 (8) Extraordinary loss Unrealized gain on Income from discontinued operations. available-for-sale investments 38 Dividends declared and paid. 50 Total operating expenses ……… … Short-term investments...